By Joe Woelfel
Stock futures rose slightly Monday as Wall Street assessed promises from China to boost its economy and awaited earnings from 43 companies in the S&P 500.
These stocks were poised to make moves Monday:
Tesla was up 1.7% in premarket trading after shares fell 8.8% on Friday following investors' disappointment over the electric-vehicle maker's robotaxi event. The company unveiled a physical robotaxi but Wall Street was hoping for more details on how Tesla has been improving its self-driving technology, and how the company will make money from the robotaxi service. Tesla shares have closed lower four of the past five days.
Shares of Boeing fell 1.5% after the plane maker said it would cut 10% of its global workforce, or roughly 17,000 jobs. While Boeing deals with a costly month-long strike by its biggest union, the job cuts were related more to reducing operating costs at the struggling company. "Our business is in a difficult position, and it is hard to overstate the challenges we face together," CEO Kelly Ortberg said in a memo to employees. "Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term." Boeing also said it would further delay the launch of the 777X, the company's new airplane that already is years behind schedule.
Sirius XM Holdings rose 6.3% to $26.50 after Berkshire Hathaway recently added to its stake in the satellite radio company, buying 3.6 million shares for about $87 million late last week. Warren Buffett's Berkshire Hathaway now holds 108.7 million shares of Sirius XM, a 32% interest. Berkshire Hathaway made the recent purchases on Wednesday through Friday of last week at an average price of close to $24.50 a share, according to a regulatory filing.
Earnings reports are expected this week from UnitedHealth, Johnson & Johnson, Bank of America, Goldman Sachs, Citigroup, PNC Financial, ASML Holding, United Airlines, American Airlines, Abbott Laboratories, CSX, Las Vegas Sands, Taiwan Semiconductor Manufacturing, Netflix, Morgan Stanley, Intuitive Surgical, Blackstone, Procter & Gamble, American Express, and SLB.
Bank of America rose 0.4% in premarket trading and Citigroup was up 0.2% after banking giant peers JPMorgan Chase and Wells Fargo reported third-quarter earnings that fell from a year earlier but topped analysts' expectations, sending the stocks up 4.4% and 5.6%, respectively.
Write to Joe Woelfel at joseph.woelfel@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
October 14, 2024 04:41 ET (08:41 GMT)
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